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Smart Robots Market Size Worth $16.5B by 2025
October 17, 2018 | Grand View Research, Inc.Estimated reading time: 1 minute
The global smart robots market size is anticipated to reach $16.46 billion by 2025, according to a new report by Grand View Research Inc. It is anticipated to expand at a CAGR of 22.4% over the forecast period. Factors such as increasing adoption of autonomous robots for carrying out iterative tasks, rapid technological developments in robotics, and increasing investments in industrial automation have boosted the adoption of smart robots in various end use segments.
Smart robots are commonly used for performing various tasks in field applications, metal fabrication, packaging and palletizing, among others. These robots perform tasks independently as well as can work with humans in various manufacturing and maintenance operations. Smart robots are widely used in industries such as automotive and manufacturing to enhance productivity and to reduce labor cost. In addition, benefits such as minimal accidents and higher accuracy are driving the market growth.
The introduction of smart collaborative robots and Artificial Intelligence (AI) enabled systems with enhanced reliability and accuracy is expected to drive growth of the smart robots market over the forecast period. Numerous companies such as Fanuc Corp., ABB Ltd, and Yaskawa Electric Corp., among others, are implementing advanced robotics technologies for versatile end-use applications. This factor is anticipated to further boost the market expansion in the forthcoming years.
The industrial robot segment is anticipated to witness substantial growth in near future owing to their wide adoption in process automation in various industries. Increasing investment in industrial automation has boosted the adoption of smart robots among packaging, manufacturing, and material handling among other industries. Moreover, rising adoption of Internet of Things (IoT) and Artificial Intelligence (AI) has also encouraged end users to implement the smart robotics technology.
The market for smart robots is expected to witness volatility owing to mergers and acquisitions, high competition, and presence of new as well as well-established participants. In August 2016, Panasonic Corp. acquired OpenSynergy GmbH, a German software company. OpenSynergy is a high-tech company specializing in embedded automotive software for cockpit solutions. This acquisition is expected to enhance its business in the automotive sector.
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